Oil price surges back above $100 mark as supply concerns outweigh Iran ceasefire
Why it matters: Airlines and freight firms face up to 5% higher fuel costs this quarter as oil stays above $100.
- Oil price climbs past $100 per barrel (per market data)
- Strait of Hormuz sees shipping activity well below normal, with Iran controlling access (CNBC)
- Iran‑Israel ceasefire failed to restore normal flows, keeping geopolitical risk premiums high (original article)
- Israeli PM Netanyahu orders peace talks with Lebanon and Hezbollah disarmament (original article)
- UK farmers warn the ceasefire is too late to curb rising food prices (BBC Business)
Oil jumped back above $100 a barrel as the Strait of Hormuz remains bottlenecked, dimming hopes that the Iran‑Israel ceasefire would ease supply. Traders cite lingering security doubts, high tanker insurance and stalled traffic, while UK farmers warn the delay will push food costs higher.
